Alberta
Suncor’s fourth-quarter profits increase 76 per cent to $2.74 billion
A processing unit at Suncor’s Fort Hills facility in Fort McMurray, Alta., on Monday, Sept. 10, 2018. Suncor Energy Inc. says it earned $2.74 billion in the fourth quarter of 2022, a 76 per cent increase from the $1.55 billion it earned in the same three months of 2021. THE CANADIAN PRESS/Jason Franson
Calgary – Suncor Energy Inc. says it earned $2.74 billion in the fourth quarter of 2022, a 76 per cent increase from the $1.55 billion it earned in the same three months of 2021.
The Calgary-based company says its increased profit was due to the higher price of crude and refined product realizations as well as higher upstream production, partially offset by increased operating expenses.
On an adjusted basis, Suncor says it earned $2.43 billion, or $1.81 per common share, compared to $1.30 billion or 89 cents per common share in the prior year’s quarter.
The energy giant says its total upstream production increased to 763,100 barrels of oil equivalent per day (boe/d) in the fourth quarter of 2022, compared to 743,300 boe/d in the prior year quarter, primarily driven by increased production from the company’s oilsands assets.
Suncor’s refinery crude throughput was 440,000 barrels per day and its refinery utilization was 94 per cent in the fourth quarter of 2022, compared to 447,000 bbls/d and 96 per cent in the prior-year quarter.
It attributes the decrease in part to unexpected maintenance that occurred in the quarter, including that required as a result of bad weather at the company’s Commerce City refinery.
This report by The Canadian Press was first published Feb. 14, 2023.
Companies in this story: (TSX:SU)
Premier Danielle Smith delivered a keynote address at the 2023 Alberta Municipalities Convention in Edmonton.
EDMONTON — Shares of Aurora Cannabis Inc. were down more than 10 per cent after the cannabis company announced plans to raise $33.8 million in a share offering.
The company says Canaccord Genuity has agreed to buy, on a bought deal basis, 46,250,000 shares of the company at a price of 73 cents per share.
It has also granted Canaccord Genuity an over-allotment option for up to an additional 6,937,500 shares on the same terms. If the over-allotment option is exercised in full, the offering will total $38.8 million.
Aurora says it plans to use the money raised to repay the remainder of its outstanding convertible senior notes at or prior to maturity.
The company says the remainder, if any, will be used for strategic purposes, including potential acquisitions.
Aurora’s stock price was down 13 per cent at 79 cents per share in early trading on the Toronto Stock Exchange.
This report by The Canadian Press was first published Sept. 28, 2023.
Companies in this story: (TSX:ACB)
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